Here's Why JPMorgan Chase, Bank of America, and Citigroup Are Rising on Thursday
The stock market is rallying for a third consecutive day after the $2 trillion stimulus package was agreed upon by key leaders. As of 11 a.m. EDT, the Dow Jones Industrial Average and S&P 500 index were up by 4.1% and 3.6%, respectively.
Bank stocks, which got disproportionally hammered in the coronavirus-fueled downturn, are having an even better day than the major indexes. JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) were all up by more than 5% for the day so far.
It's also worth mentioning that the rally in bank stocks is despite Treasury yields falling on Thursday, which is typically a negative catalyst for the financial sector.
Source Fool.com
